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80+ Amazing IoT Statistics (2023-2030)

by Josh Howarth
November 28, 2022

This guide will feature a variety of Internet of Things (IoT) industry statistics worth highlighting in 2023.

(Along with predictions about the future of the space.)

The term “IoT” has only been around for a couple of decades. But space has developed enormously in that time.

The following page will dive deeper into the IoT space as interest and investment start to really pick up.

Contents

IoT Statistics (Top Picks)

  • There are well over 13 billion connected IoT devices around the globe
  • It's expected there will be 25.4 billion IoT devices by 2030
  • IoT devices surpassed non-IoT devices in 2020
  • There are more than 400 active IoT platforms in existence
  • Video entertainment is the biggest spending category in IoT
  • Over 10% of VC funding is IoT-related

IoT Industry Size

There are almost as many connected IoT devices as there are people worldwide (Finance Online)

The volume of connected IoT devices has grown recently. And is expected to grow year-over-year for the foreseeable future.

According to the latest available data, there are approximately 13.15 billion connected IoT devices.

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There will be 25 billion+ IoT devices within the next 7 years (Finance Online)

The number of current IoT devices (7 billion) may seem staggering. But thanks 5G and other technologies, this figure is expected to grow by over 3x to 25.44 billion total IoT devices by 2030.

IoT devices outnumber non-IoT devices (IoT Analytics)

There has been a notable shift from non-IoT devices to IoT devices over the last decade. In fact, by 2030, 75% of all devices are forecast to be IoT.

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Here is a comparison between non-IoT and IoT active devices from 2010 to 2025:

Year

Non-IoT Devices (billions)

IoT Devices

(billions)

IoT Devices as a Percentage of Total Devices

2010

8

0.8

9%

2011

8.7

1.1

11.2%

2012

9.1

1.6

15%

2013

9.5

2.1

18.1%

2014

9.7

2.8

22.4%

2015

9.7

3.6

27%

2016

9.8

4.6

31.9%

2017

9.9

6.1

38.1%

2018

9.9

8

44.7%

2019

10

10

50%

2020

9.9*

11.7*

54.2%*

2021

10*

13.8*

58%*

2022

10.1*

16.4*

61.9%*

2023

10.2*

19.8*

66%*

2024

10.2*

24.4*

70.5%*

2025

10.3*

30.9*

75%*

The consumer sector dominates the landscape with a majority share of IoT devices. Electricity, gas, steam & AC, and manufacturing make up considerably smaller (yet relatively significant) portions of the industry.

The number of IoT platforms more than doubled in four years (IoT Analytics)

The number of IoT platforms has increased year-over-year.

In 2015, there were 260 publicly known IoT platforms. This figure jumped to 360 in 2016. And increased by a further 90 to 450 the following year.

By 2019 there were 620 publicly known IoT platforms - 426 of which were still active in 2021 including global names like Microsoft and Amazon.

Worldwide IoT Spending Stats

IoT spending is set to reach $1 trillion this year (FinleyUSA)

Worldwide IoT spending has been increasing year-over-year by at least $40 billion since 2018.

In 2020, IoT spending reached $749 billion. In 2022, global IoT spending was predicted to hit $1 trillion.

And in 2023, spending is expected to grow to $1.1 trillion, continuing the increased rate of growth year-over-year.

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Here is a breakdown of the worldwide IoT spending forecast as of January 2021:

Year Global IoT Spending
2018 $646 billion
2019 $686 billion
2020 $749 billion
2022 $1 trillion*
2023 $1.1 trillion*

*forecast spending

Asia accounts for over 1/3rd of all IoT spending (European Commission)

Despite a marked increase in IoT spending in recent years, market share by region isn’t expected to change drastically.

Back in 2018, the Asia Pacific region had the largest regional market share with 37% (over a third of total global IoT spending.)

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This was followed by North America (29%) and EMEA (Europe, Middle East, and Africa) (23%).

Japan (9%) and Latin America (9%) made up the rest of worldwide IoT spending.

It is predicted that in 2023, only one of these regions will have increased/decreased its share by more than 2%.

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Here is the full comparison between 2018 IoT spending and 2023 projected IoT spending by region:

Region 2018 IoT Spending Share 2023 IoT Spending Share Difference
Asia Pacific 37% 35% ↓ 2%
North America 29% 27% ↓ 2%
EMEA 23% 25% ↑ 2%
Japan 9% 9% -
Latin America 9% 3% ↓ 6%

The video entertainment category sees more spending than all other IoT categories combined (IDC)

Video entertainment was the largest category of smart home spending in 2017 and 2018.

This is expected to be the case in 2023. But other categories are predicted to occupy a larger share of IoT spending.

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Here’s a look at the estimated smart home spending by category in 2022:

Smart Home Category Estimated 2022 Spending Percentage of Total Spending
Video Entertainment $192.1 billion 64.6%
Smart Speaker $27.8 billion 9.3%
Home Monitoring/Security $16.5 billion 5.5%
Thermostat $8.3 billion 2.8%
Lighting $4.6 billion 1.5%
Others $48.2 billion 16.3%

IoT Revenue Stats

The IoT industry is expected to be worth over $1 trillion by 2024 (Global Data)

Alongside IoT investment, IoT revenue is expected to grow year-over-year between 2019 and 2030.

The IoT market is currently worth approximately $800 billion.

And is expected to grow to almost $1.1 trillion at a CAGR of 13% in 2024.

Consumer media topped $100 billion of revenue in 2022 (Tech Business News)

The single largest IoT revenue segment in 2022 was consumer media and internet devices ($101.8 billion).

Connected vehicles ($73.8 billion) and payment terminals ($39.4 billion) were the second and third highest IoT segments by revenue. Combined, they generated just over 10% more than consumer media and internet devices alone.

Here were the largest IoT segments by revenue in 2022:

  1. Consumer media and internet devices - $101.8 billion
  2. Connected vehicles - $73.8 billion
  3. Payment terminals - $39.4 billion
  4. Asset tracking and monitoring - $17.2 billion
  5. Inventory management and monitoring - $11.3 billion

Enterprise IoT makes up around three-quarters of the IoT market (Global Data)

In 2020, enterprise IoT comprised 76% of total IoT market revenue.

That figure is expected to remain relatively steady, albeit falling to 73% in 2024.

Consumer IoT Spending Stats

Smart home spending increased year-over-year at a steady rate between 2015 and 2019 (Strategy Analytics)

Consumer spending on smart home-related devices worldwide increased by at least 12% year-over-year between 2015 and 2019.

Unsurprisingly, during the height of the pandemic in 2020, smart home consumer spending dipped 9.47%.

However, spending is expected to continue its upward trajectory through to 2025, increasing year-over-year and peaking at $173 billion.

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Here is a breakdown of the annual consumer spending figures for smart home products between 2015 and 2025:

Year Consumer Smart Home Spending Change Over Previous Year
2015 $51 billion -
2016 $61 billion ↑ 19.61%
2017 $74 billion ↑ 21.31%
2018 $83 billion ↑ 12.16%
2019 $95 billion ↑ 14.46%
2020 $86 billion ↓ 9.47%
2021 $123 billion* ↑ 43.02%*
2022 $134 billion* ↑ 8.94%*
2023 $147 billion* ↑ 9.70%*
2024 $159 billion* ↑ 8.16%*
2025 $173 billion* ↑ 8.81%*

*Predicted figures.

Venture Capital Investment in IoT

VC IoT funding more than doubled between 2013 and 2016 (Crunchbase)

Venture capital (VC) investment in the IoT space has rapidly increased in recent years.

Between 2013 and 2016, total investment grew from around $450 million to $1.03 billion. In that same period, the number of VC deals also increased from approximately 170 to 340.

The following year saw a sharp increase in vs funding, rising 42% to $1.46 billion. The value of each investment also increased as the total number of VC investments dropped to under 300.

And this growth has continued into the present day.

Approximately 1 in 10 VC deals are in the IoT space (Verdict)

In the first half of 2021, the IoT space was responsible for 11.1% of all VC deals. That figure represents an increase of 1.2% over January-June 2020 and a further 2.8% over July-December of the same year.

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The Future of IoT

Sensor processing is believed to be IoT's main focus in the near future (ARM)

IoT has come a long way in a relatively short space of time. And demand is higher than ever.

A 2021 survey on the future of IoT innovations classed sensor processing as the most important area of focus with 48% of the vote.

Computer vision received 38% of respondent votes, while voice recognition was the other major suggestion with 13%.

"Attacks on IoT devices that impact critical operations" is the number one IoT-related security concern (Thales Group)

A growing number of IoT devices raises an increasing number comes security concerns.

According to one survey, here are the top security issues in IoT:

Survey Response Percentage of Respondents
Attacks on IoT devices that may impact critical operations 33%
Lack of skilled personnel to implement IoT security 32%
Protecting sensitive generated by an IoT device 31%
Identifying or discovering sensitive data generated by an IoT device 27%
Loss or theft of IoT devices 27%
Lack of security frameworks and controls within the IoT environment 26%
Privacy violations related to data generated by an IoT device 26%
Lack of effective access controls/device authentication 26%
Lack of industry standards for security IoT devices 25%

4 in 5 people believe that smart cities can be created with IoT (Telecoms.com)

Outside of convenience in the home, IoT has the capability to change the world - and that isn’t hyperbole.

Another 2019 survey suggested that the greatest IoT opportunity is smart cities. In total, 81% of respondents believe that IoT can be used to create smart cities, improve traffic management, digital signage, waste management, and more.

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Other popular responses included:

  • Utilities - 62%
  • Industrial or manufacturing - 61%
  • Security - 52%
  • Agriculture - 49%
  • Connected cars - 47%

Conclusion

That wraps up our look at the current IoT landscape.

From increasing investment to the skyrocketing number of devices, we hope these IoT stats helped you get a handle on this fast-growing space.

If you enjoyed this stats page, check out our important IoT trends and rising IoT startups.